TNS recommends its shareholders to accept WPP offer
Televisionpoint.com Correspondent | London
British marketing research group Taylor Nelson Sofres (TNS) admitted defeat in its bid battle with Martin Sorrell's WPP Group on Monday, recommending its shareholders accept the deal on offer.
WPP made a $ 2 billion hostile bid for TNS in July and said on Friday it had secured acceptances of support from 61 percent of TNS shareholders.
TNS said in a statement on Monday it still believed the WPP offer undervalued the company but did not want any TNS investors left holding on to a minority interest in an unlisted company.
"Therefore, the board, now recommends that shareholders accept the WPP offer, as the directors intend to do in respect of their own beneficial holdings," it said in a statement.
The WPP offer will remain open until the next closing date, on October 8.
British marketing research group Taylor Nelson Sofres (TNS) admitted defeat in its bid battle with Martin Sorrell's WPP Group on Monday, recommending its shareholders accept the deal on offer.
WPP made a $ 2 billion hostile bid for TNS in July and said on Friday it had secured acceptances of support from 61 percent of TNS shareholders.
TNS said in a statement on Monday it still believed the WPP offer undervalued the company but did not want any TNS investors left holding on to a minority interest in an unlisted company.
"Therefore, the board, now recommends that shareholders accept the WPP offer, as the directors intend to do in respect of their own beneficial holdings," it said in a statement.
The WPP offer will remain open until the next closing date, on October 8.
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